G20 to boost IMF resources

Updated: 2011-12-14 13:58


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MEXICO CITY - Mexican President Felipe Calderon said Tuesday the Group of Twenty (G20) will boost the resources of the International Monetary Fund (IMF).

At the closing session of a G20 Seminar in Mexico City, Calderon said his country, which took over the presidency of the G20 this month, would try to lead the group to reach an agreement to achieve economic stability.

G20 should contribute to designing mechanisms to increase IMF's resources in the short term to meet the needs of Europe in the current debt crisis, said Calderon.

Financial institutions, especially the IMF, should be strengthened so that it can play its role at a time of economic turbulence, he said.

Calderon said Europe should take strong measures to balance its public finances.

"It's crucial that developed economies assume responsibilities and make clear and firm decisions," he said.